Insurance broker and agency network Keystone Agency Partners (Keystone), announced that the private equity firm Warburg Pincus will acquire a majority stake in the company.
Financial details of the transaction were not disclosed.
Keystone Agency Partners was formed in 2020, in partnership with Keystone Insurers Group Inc. and Bain Capital LP. Since that time, Keystone has grown into one of the largest national retail brokers and agency networks. It’s agency network, Keystone Insurers Group Inc., ranked No. 3 on Insurance Journal’s 2024 Top Agency Partnerships list.
Bain Capital will retain minority ownership in Keystone through a new investment from Bain Capital Insurance. With this investment, Keystone plans to continue the growth of its network of agency partners.
Founded in 1983, Keystone is a national retail broker and agency network, comprised of 28 platform partners and more than 350 independent network partners, together writing more than $8 billion in annual premium.
“We’re excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies,” said Patrick Kinney, CEO of Keystone. “This investment will enable us to accelerate our growth initiatives and further support our agency and network partners as they navigate the changing insurance landscape.”
The transaction is expected to close in Q3 2025 and is subject to regulatory approvals.
Source: Keystone Agency Partners; Photo: The Warburg Pincus logo. Pavlo Gonchar/LightRocket/SOPA Images/Getty Images
Topics Mergers & Acquisitions
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